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Utechzone Co., Ltd. (3455.TWO)

Company Dividend Discount ModelIndustry: Hardware, Equipment & PartsSector: Technology

Valuation Snapshot

Stable Growth$42.14 - $64.62$52.63
Multi-Stage$95.93 - $105.33$100.53
Blended Fair Value$76.58
Current Price$93.70
Upside-18.27%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR202420232022202120202019
DPS10.76%0.00%4.928.375.413.942.952.950.000.000.000.00
YoY Growth---41.18%54.55%37.50%33.33%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--5.09%10.05%5.80%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)283.44
(-) Cash Dividends Paid (M)269.33
(=) Cash Retained (M)14.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)56.6935.4321.26
Cash Retained (M)14.1114.1114.11
(-) Cash Required (M)-56.69-35.43-21.26
(=) Excess Retained (M)-42.58-21.32-7.15
(/) Shares Outstanding (M)60.8260.8260.82
(=) Excess Retained per Share-0.70-0.35-0.12
LTM Dividend per Share4.434.434.43
(+) Excess Retained per Share-0.70-0.35-0.12
(=) Adjusted Dividend3.734.084.31
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate-2.00%-1.00%0.00%
Fair Value$42.14$52.63$64.62
Upside / Downside-55.03%-43.84%-31.04%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)283.44280.61277.80275.02272.27269.55277.64
Payout Ratio95.02%94.02%93.01%92.01%91.00%90.00%92.50%
Projected Dividends (M)269.33263.82258.39253.04247.78242.59256.81

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.67%6.67%6.67%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)244.82247.32249.82
Year 2 PV (M)222.51227.08231.69
Year 3 PV (M)202.22208.47214.85
Year 4 PV (M)183.75191.37199.22
Year 5 PV (M)166.95175.64184.70
PV of Terminal Value (M)4,813.565,064.215,325.20
Equity Value (M)5,833.816,114.096,405.47
Shares Outstanding (M)60.8260.8260.82
Fair Value$95.93$100.53$105.33
Upside / Downside2.38%7.29%12.41%

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